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美银美林升统一(0220.HK)目标价至9.5港元评级“中性”
格隆汇 08-07 11:09

美银美林报告指统一(00220.HK)上半年及第二季税後盈利分别升39.6%及35%,上半年收入升2%,该行调升2019及20年每股盈利预期各19%,目标价由原来8.2港元调升16%至9.5港元,维持“中性”评级。

该行指,欣赏公司在分销渠道及价格上保持纪律,以及面条产品升级进展稳固,惟公司股价自首季业绩起已跑赢恒生指数37%,目前估值为23.9倍市盈率,稍高於历史平均的23倍,相信其盈利表现已反映於股价中,而未来12-18个月缺乏盈利可见性是关键。

该行又指,盈利胜预期主因外部因素所致,包括成本下降及增值税宽减,而明年则缺乏这些因素而且有高基数效应。中期业绩当中其收入实际上未符其中单位数增长的指引预期;而公司亦面对较差的宏观前景,及不理性的竞争。

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